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341 Question (I think)?

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    341 Question (I think)?

    Okay, I haven't filed yet, but I will be soon. My reason for NOT filing yet is because I have a boat in my name that isn't fully mine. I took out a loan for my husband and his friend who weren't approved for the loan. The boat is over 20 years old & the loan has $7,500 left on it. Online I've seen the boats LISTED (doesn't mean they will sell) for $8k-10K. I really don't want to tell the friend about the BK, but am afraid that the boat might get taken.

    At the 341 meeting do they let you know at that time what they are going to do with the boat? if they say they are going to take it what are my options? Can I not file at that time? I need to figure this out because he has been paying for over 4 years now and can't just give it up. I know I should have never signed for this loan, but it's too late now. The boat has always been paid. My attorney THINKS they will not want it since there is little or no equity in it.

    I just need to know at the meeting is that when it is decided on? IF they offer me to buy it back for the difference (which I really don't want to do but wont have a choice how long do I get to pay - is it right then & there?).

    I live in NY.

    Thanks!

    #2
    I haven't filed yet, but was told I can't transfer the loan that I will get in trouble. Now the friend has credit and would be able to take over the loan but my attorney advised against doing this.

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